Tesla: Musk’s divorce does not affect company’s stock offering or funding

Tesla Motors Co-founder, Chairman, CEO - Elon Musk

Tesla CEO Elon Musk has made recent news, having run out of cash and living off of friends’ assistance for the past four months. ┬áIn a filing with U.S. securities regulators, the California start-up tried to put a bit of room between itself and the divorce between Musk and his wife, which has undoubtedly cast a shadow on one of the year”s most anticipated IPO”s.

“We do not believe that Mr. Musk’s personal financial situation has any impact on us,” the company said in the U.S. Securities and Exchange Commission filing.

The case involving Musk and his estranged wife could have a deep impact on Tesla”s ability to retain $465 million of U.S. DoE funds, if Musk does not retain enough of the stock- his wife is seeking ten percent of his stake. The company has stated that while Musk certainly provided adequate funding in the past, it has not relied on his finances in the past 12 months, and does not foresee the need to do so again.

– By: Stephen Calogera

Source: Automotive News (Subscription Required)